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Economist and University of Ghana Business School lecturer, Professor Lord Mensah, has emphasized the importance of implementing the resolutions from the National Economic Dialogue, which begins on March 3, 2025, to help steer Ghana’s economy toward recovery.
In his maiden State of the Nation Address, President John Mahama painted a bleak picture of the economy, revealing that public debt had reached GH¢721 billion. He stressed that the dialogue would be instrumental in assessing the country’s economic state and forging consensus on key policies to address the ongoing crisis. According to Mahama, discussions will also support the creation of a home-grown fiscal consolidation program, focusing on structural reforms and policy priorities necessary for economic stability and national prosperity.
However, Professor Mensah believes the real challenge lies in ensuring that the dialogue’s recommendations translate into concrete policy actions. “I don’t want it to be a document or a guideline that will be restricted to this particular administration. The outcome of this dialogue should not be something that will be sitting on the shelves – just a paperwork that on the grounds, different things will be happening without necessarily implementing what we proposed at the dialogue,” he told Citi Business News.
He also highlighted the need for discussions to center on Ghana’s upcoming exit from the current IMF program in May 2026. While acknowledging that the country exhibits better fiscal discipline under IMF supervision, he cautioned against financial mismanagement once Ghana is left to govern its own finances.
“The question is, as we are going to hold up a dialogue, we should be able to center this discussion as to how we are going to manage our finances without IMF and be disciplined. That should be discussed thoroughly at the dialogue,” he stressed.
With Ghana facing significant economic hurdles, Mensah insists that the dialogue must lead to concrete strategies that will ensure long-term financial stability and reduce dependence on external assistance.
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